Pine Tree Commercial Realty of Chicago has purchased the Barclay Square shopping center in Largo for $18.9 million. The 99,054 square foot property on Walsingham Road traded for $190 per square foot. The seller, Palm Beach-based Sterling Organization, bought the center in 2012 for $10.8 million. Built in 1988, the Walmart Neighborhood Market anchored center was 98 percent leased at the time of closing.
“We are obviously very pleased with the performance of the Barclay Square transaction, which was the first realization in our Sterling Value Add Partners fund,” Brian Kosoy, managing principal, president and CEO of Sterling Organization said in a statement. He described the deal as ‘conservatively levered’ and said it should produce a gross IRR of over 40 percent for their investors and an equity multiple of more than 2.5.
